Exchange Traded Concepts LLC Sells 20,353 Shares of AppLovin Corporation (NASDAQ:APP)

Exchange Traded Concepts LLC reduced its position in shares of AppLovin Corporation (NASDAQ:APP) by 70.6% in the first quarter, HoldingsChannel.com reports. The firm owned 8,495 shares of the company’s stock after selling 20,353 shares during the period. Exchange Traded Concepts LLC’s holdings in AppLovin were worth $2,251,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. JFS Wealth Advisors LLC boosted its holdings in shares of AppLovin by 38.2% during the fourth quarter. JFS Wealth Advisors LLC now owns 105 shares of the company’s stock worth $34,000 after purchasing an additional 29 shares during the period. HighPoint Advisor Group LLC boosted its holdings in shares of AppLovin by 1.7% during the fourth quarter. HighPoint Advisor Group LLC now owns 1,822 shares of the company’s stock worth $590,000 after purchasing an additional 31 shares during the period. Quadrant Capital Group LLC boosted its holdings in shares of AppLovin by 6.7% during the fourth quarter. Quadrant Capital Group LLC now owns 526 shares of the company’s stock worth $170,000 after purchasing an additional 33 shares during the period. Forum Financial Management LP boosted its holdings in shares of AppLovin by 0.9% during the fourth quarter. Forum Financial Management LP now owns 3,776 shares of the company’s stock worth $1,223,000 after purchasing an additional 33 shares during the period. Finally, Truvestments Capital LLC boosted its holdings in shares of AppLovin by 0.7% during the fourth quarter. Truvestments Capital LLC now owns 5,236 shares of the company’s stock worth $1,696,000 after purchasing an additional 38 shares during the period. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on APP shares. Citigroup reiterated a “buy” rating on shares of AppLovin in a report on Thursday, May 29th. Arete Research set a $200.00 target price on AppLovin in a report on Wednesday, March 5th. Loop Capital reissued a “buy” rating and issued a $650.00 target price on shares of AppLovin in a research report on Friday, March 28th. The Goldman Sachs Group increased their target price on AppLovin from $335.00 to $435.00 and gave the stock a “neutral” rating in a research report on Friday, May 9th. Finally, Oppenheimer reissued an “outperform” rating and issued a $500.00 target price (down previously from $560.00) on shares of AppLovin in a research report on Thursday, May 8th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $438.10.

Insider Activity at AppLovin

In other AppLovin news, insider Victoria Valenzuela sold 6,585 shares of AppLovin stock in a transaction on Monday, May 19th. The stock was sold at an average price of $370.23, for a total value of $2,437,964.55. Following the completion of the sale, the insider now owns 357,903 shares of the company’s stock, valued at approximately $132,506,427.69. This trade represents a 1.81% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Herald Y. Chen sold 400,000 shares of AppLovin stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $374.61, for a total value of $149,844,000.00. Following the completion of the sale, the director now directly owns 221,209 shares of the company’s stock, valued at approximately $82,867,103.49. The trade was a 64.39% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,212,968 shares of company stock valued at $455,062,980 in the last 90 days. Corporate insiders own 13.66% of the company’s stock.

AppLovin Stock Down 2.8%

APP stock opened at $360.45 on Wednesday. AppLovin Corporation has a twelve month low of $60.67 and a twelve month high of $525.15. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 6.10. The firm has a market cap of $121.97 billion, a PE ratio of 65.06, a price-to-earnings-growth ratio of 2.20 and a beta of 2.53. The business has a 50 day moving average of $328.71 and a 200 day moving average of $334.64.

AppLovin (NASDAQ:APP) last posted its quarterly earnings data on Wednesday, May 7th. The company reported $1.67 earnings per share for the quarter, beating analysts’ consensus estimates of $1.45 by $0.22. AppLovin had a return on equity of 224.65% and a net margin of 37.38%. The company had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.38 billion. During the same quarter last year, the company earned $0.67 EPS. The firm’s revenue for the quarter was up 40.3% on a year-over-year basis. On average, research analysts forecast that AppLovin Corporation will post 6.87 EPS for the current fiscal year.

AppLovin Profile

AppLovin Corporation engages in building a software-based platform for advertisers to enhance the marketing and monetization of their content in the United States and internationally. It operates through two segments, Software Platform and Apps. The company's software solutions include AppDiscovery, a marketing software solution, which matches advertiser demand with publisher supply through auctions; MAX, an in-app bidding software that optimizes the value of a publisher's advertising inventory by running a real-time competitive auction; Adjust, a measurement and analytics marketing platform that provides marketers with the visibility, insights, and tools needed to grow their apps from early stage to maturity; and Wurl, a connected TV platform, which distributes streaming video for content companies and provides advertising and publishing solutions through its AdPool, ContentDiscovery, and Global FAST Pass products.